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Technical analysis of NZD/USD for December 03, 2015

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NZD/USD is expected to trade with bullish bias above 0.6615. The pair rebounded on its horizontal level at 0.6615 yesterday, and it seems likely to post a new rise. The support base at 0.6615 has been formed and allowed for a temporary stabilization. Furthermore, the relative strength index is mixed to bullish. Hence, as long as 0.6615 is not broken, an advance to 0.6670 and 0.6690 (December 1 top) in extension is on the cards.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6690 and the second target at 0.6720. In the alternative scenario, short positions are recommended with the first target at 0.659040 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6565. The pivot point is at 0.6615.

Resistance levels: 0.6690 0.6720 0.6760

Support levels: 0.6590 0.6565 0.65



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